Slippage action, Alphabet weighs
The S&P 500 has slipped into the red with a 0.2% decline. Alphabet (GOOG 1466.51, -64.34, -4.2%) has been a noticeable drag on the benchmark index after posting its first ever yr/yr decline in revenue. In addition, disappointing earnings results from Chevron (CVX 82.56, -3.72, -4.3%) and Exxon Mobil (XOM 41.61, -0.24, -0.6%) and a disappointing reaction to Caterpillar's (CAT 131.46, -5.34, -3.9%) positive results have weighed on the market. Merck (MRK 80.06, +1.01, +1.3%) has provided some support, though, after the Dow component beat top and bottom-line estimates and raised its FY20 EPS above consensus.